there it is or who just pray. for a shaman this week which. is a true religion. since history of religion is hard. this is also here for trickle the headlines it's not. the us that invasion of afghanistan passes it's ten year anniversary with taliban defeat nowhere is something to can while the human cost is rising faster than ever with the number of civilians killed the cia alone approaching total coalition losses in a decade of fighting. meanwhile in london there are demands on the streets for the country's troops to leave afghanistan as her rally reflecting the on the clarity in the u.k. of the will which has claimed almost four hundred british military lines. and

occupy wall street protests against trade because you are spreading to dozens of american cities from richmond to los angeles and he's here because the whole washington d.c. . proper is here on our t.v. close to report which tells you the news that the fast counts on wall street would rather you didn't know and today marks and his co-host stacy take a closer look at how global financial turmoil has influenced prices so a change of heart. mass times are welcome because the report the war continues the financial war we called it we predicted it now we're in it states are max kaiser yes this financial war is being played out in not only the propaganda being perpetrated by the mainstream financial media but also in prices that's the important thing to look at

here first i want to show you a cartoon from the chattanooga times free press by clave bennett and the title the cartoonist economic trends yet pitchforks up eight and three quarters and torches that seven and a half yes the war plays out on the big board max this is as we've been saying on the show for many many months and we've been talking about for years you need to monetize descents and you need to get it higher represented as a price because it's a price propaganda so you need to price your dissent first and then get the price higher i know you occupy wall street people can wrap your mind around this just open your mind and think yes and one of the elements of this why pitchforks prices going up and soaring on the big board there is as president obama had famously said to the bankers i'm the only thing that stands between you and the pitchforks but the fact is that there has been no justice no none of these bankers have been

delivered to justice and so it ends up being pitchforks and beheading so i don't understand why in a country that's so eager to execute people like down in the state of texas they they kill hundreds of people down there for trivial crimes why are they so shy about going after bankers who are committing unbelievably horrid wretched financial crimes of rape and terror surely there are. hot chair or a lethal injection or a good plea for them now let's look at how again this war thought in prices bulls last out in final hour dow is up three hundred seventy seven points from a low and bank reversal so markets soared suddenly in the last half hour and apparently the cause according to zero heads is f t causes massive short squeeze with mother of all end of day rumors well the end of the day we were it was yet

another potential bailout for europe but again it was a rumor and if you actually read past the headline on the f.t. apparently it was like well this is these are just discussions there is no real plan it's because obviously for the ninety nine percent of americans who are not directly tied to larceny on wall street the number that they would want to see go up is the number of jobs and the fact that you have all these millions of americans rooting for stocks to go which only benefit a few guys on wall street is absurd and it just shows you the propaganda is brilliant that higher prices at the end of the day somehow are good for us this is an amazing triumph of propaganda in the twenty first century time prices to a pavlovian response amongst the population yeah and again it's war and this is being fought intentionally to see these are intentional moves as they have been

said it was a massive short squeeze so they were trying to destroy anybody that would bet against the markets yes there are professional hedge fund managers and others to take these enormous sales short sell short positions against the market they're fighting the government who's got their infinite credit capacity to hit them with buy programs and automated program trading so you've got one group of hedge fund a few hundred guys who have. several trillion dollars in credit versus the federal government and there are several trillion dollars in credit the people in the middle the ninety five percent of the world that is not on either one of those two camps are suffering and asked to accept austerity measures that get worse every single day now i just spoke of people who short the market anonymous analytics acquiring information through unconventional means this is apparently anonymous hackers set up activist hedge fund this is fantastic because anonymous has picked

up the ball you know we introduced the concept of marrying short sales and market activity with activism and boycotts if you google karma bank you'll find the history of this goes back to two thousand and four when back in london we have this hedge fund set up and so this is really a fantastic development for the occupy wall street campaign because it gives the occupiers some. some real firepower so you go to a gun fight with a gun you don't go to a gun fight with a knife actually the f.t. interviewed somebody from the anonymous group and they referred to the fact that occupy wall street doesn't have any real fire power and they're saying the only thing that matters is the share price and this isn't why they're creating this fund which they've published a thirty eight page report on modern agriculture which is apparently one of the biggest agricultural producers in china and so they claimed that they

provided evidence of one of the home calling exchanges largest the longest running frauds and then there were reports according to this article is prefaced with a legal listing disclaimer and unusually for an activist group states that it will profit from any collapse in china it is share price i'm so proud of anonymous thank you guys for you know fighting the good fight they should contact reggie middleton and get his work on j.p. morgan go after j.p. morgan. short sells their naked short sells healthily and take that stock price down to zero profit wildly and share the goodies but imagine had they existed and released this information about all the c.d.o. for example that for years nobody knew other than the bankers themselves who had packaged these fought fraudulent securities only they had the advantage of being able to short those securities they were creating because they knew themselves as having package said that they were toxic imagine if anonymous had been able to

release as they've done here inside e-mails that these people like goldman sachs we know were referring to. deals so imagine have they released those in two thousand and five when these fraudulent securities were being packaged right while goldman sachs was shorting the products that they themselves created knowing that they were toxic and worthless a hedge fund run by a group like anonymous could have also been selling short the c.d.o. and other toxic products but the profits that were generated in the anonymous as fund could have been distributed to building up the occupy wall street campaign around the world and to go to war with the wall street terrorists so they have the potential to make billions and billions of dollars in a hedge fund like this this is an untapped market and there's very little correlation the problem that's what industry right now is that everything is correlated with everything else so everyone's making the exact same bet apple computer for example is one of the biggest holdings in over one hundred eighty

hedge funds they're making the exact same bet there's nobody doing something different except now you've got a major player they should make billions and billions of dollars what they do with the profits it's obvious where the property go feed indian people have been viciously attacked by coca-cola workers in colombia who are murdered by coca-cola they should do stuff and be counter capitalist reverse capitalists again so anonymous will be vilified for this just as alessio responding was vilified for not being too big to fail trader. now look at this headline which won't get any attention and shock from the likes of fox and friends meet the texan investor who made millions from the credit crunch and now he's betting europe will go down the drain so first he made money on the subprime mortgage crisis because he believed as the subprime market collapse that the financial crisis was being hidden by rich western governments so because of this he's now buying credit default swaps some places like greece and he'll make hundreds of thousands of dollars if greece

defaults now he's attacking these countries with these credit default swaps he doesn't own their debt he's just betting against them. is he vilified no no because he knows how to play the game e he pays off politicians people like in the murdoch enterprise totally corrupt he he will pay off the tories with cameron and osborne completely corrupt so therefore his marauding in the markets and making money by shorting stocks arkan's is considered a necessary lubricant for markets whereas rest downey who simply is doing something exact same thing but on a smaller scale he's like a home version of a financial terrorist he's held up as being oh my god this guy is absolutely detrimental to our operating on to me and he should be vilified but he's just a low low playing low level punk this guy is a full fledged global financial terrorist mccarron who. says this type alluding but

puts kids to loot a bottle of milk in jail he's been shown not to be completely complicitous and you know let me just quickly aside that again with the anonymous so much fun the billions and billions of profits that they make obviously if they buy physical silver with that it would jack the price up to sixty seventy eighty ninety hundred dollars an ounce which of course would benefit everybody bank could take down taken more because i want to bring up this this and not this texas investor is kyle bass kyle bass is the one that ended up collapsing bear stearns which was handed to me more again which was then delivered all of those shorts on a silver market so kyle bass remember he was the one that was speaking to c.m.t. c. and told them that he started the rumor that he couldn't get the pay off and cut his credit default swap on various thirds but it back the next morning it was paid off so he's inside manipulating markets he's a financial terrorist causing human misery death and deprivation but cameron and

obama are on their knees telling him he's a god that they worship and meanwhile want to expose that some low level people are doing the same thing oh my god well can we survive with this yeah if you're not taking guy. banks in order to hand them to j.p. morgan for pennies on the dollar then you're the bad guy now i want to look at some more you brought up precious metals some more propaganda against the population piers from the f.t. it's an opinion piece gold bugs be where the bubble is finally bursting this is from a professor at boston university and he says gold's recent volatility is speaking investors and destroying demand he claims even though imports to turkey up six hundred forty four percent imports to india the biggest consumer of gold in the world up many many times over so where is this guy he's just pulling fabricated idea out of his bottom again it's its price propaganda he is seeing a price fall commensurate with demand fall demand for gold and silver is

increasing the fact that the price is not going up is because these markets are manipulated by the financial times and people support the financial times of the people supported corrupt banking system that's the on impeachable truth and then part of his propaganda is you saying that if gold is falling in a weak economy i magine if it eventually moves from chaos to prosperity how bad gold will do exactly but as we said at the top of the show the price of pitchforks is higher in the world we see around us in the occupy wall street occupy as an occupy melbourne in the occupy los angeles and occupy the city of london you are that's the price of pitchforks justice has not been delivered so there will be no prosperity this guy just doesn't get it yes of occupy wall street it's fun tells everybody in the world and all these cities who are protesting to start buying silver physical silver one ounce at

a time and they themselves are buying it billions of dollars at a time due to their short sell the naked short sellers of corrupt institutions like j.p. morgan and other banks and other companies that are committing financial fraud and financial terrorism the. that's all dynamic of the global market shifts away from the people getting of view they then become the rulers against the class of people that are doing the abusing stays here with thanks so much for being on the kaiser report thank you max don't go away much more coming your way so stay right there. even the crux of this country the secret. is the choice. whether it is a buddhist. or a shamanistic which. crossroads of religion.

say strong security is hard. and discover its buzy to. communicate with the want to. test yourself and become free. see what the nature can give you. i welcome back to the kaiser report i'm max kaiser time now to go to london and speak with professor steve keen steve is the author of the bonking economics which has just been rereleased as the bonking economics to the naked emperor

the throne steve keen welcome to the kaiser report came out it's going to be here i'm going to be holding. my new edition of the barking economics all right steve can you ben in europe for the past week while it's. dream volatility has returned again to the sovereign equity markets is this a classic minsky moment type collapse action if so tell us what have minsky moment is well it's actually a misc a moment doesn't diminish think is more low this is because of the minsky millennium because this process began with the debt bubble that took fifty or sixty years to build up in america and will take something like about ten at least ten to fifteen maybe twenty years to unwind if we go through the same sort of in nine policies that politicians are currently following you know following the dos of the morons whose theories i write this book about me across at work on the mists so it's a it's a permanent shock and the moment comes out of saying that they can be a period of extreme rational exuberance providing through the economy what minsky

calls euphoric expectations leading capitalists in general but in particular ponzi scheme is punter emotions people who make money by gambling on rising as a process to take out more and more debt and get to the stage with a such a level of debt laden on society that no one wants to take anymore at one point and when the debt structure growing you go from a period of growing debt boosting demand to reducing debt cutting demand and that period of day leverage ing is the beginning of a minsky moment because we've got such a huge level of profit that run up in this speculative bubble in america particularly in the last twenty years but is it really going back sixty is it could take two one or two decades for that level of debt to be driven down sides kaminski mind that it's a miniscule any i'm right and basically what we're seeing now is the revelation that this debt fueled so-called growth is nothing more than an enormous ponzi scheme now steve king i'm going to be in ireland next month at the kill comics best

of all and i'm sharing the stage with jeffrey sachs was all the fun who's got to be considered a classic economist from academia somebody who in your book i'm sure would qualify someone to do. punk what should i bring to the stage when i'm on stage or jeffrey sachs your thoughts what you could ask him is what is the what does he think about what happened in russia because jeffrey sachs was a major proponent of what they call the shock therapy approach for russia that said of the way to go the transition from a socialist system to a capitalist system was to do it as quickly as possible in the belief that the market would instantly jump from the whatever it was in the socialist system to an equilibrium of the market economy and the regional plan that he pushed through was supposed to take a five hundred day period to go from socialism to free market capitalism and in fact that wasn't fostered off what made it one hundred fifty dies now it's in russia just recently speaking with people at the university of humanities there and one of the it was the hit at the top and told me that

a large number of his colleagues dog in that transition because what happened was the actual change from a socialist process to free market process could was set in one day i think he said it was the first of january of the second of january and so they woke up to find their wages hadn't changed that process that increased by a factor of four das jeffrey sachs about that because he certainly you know he was a proponent of that he's now change the spots and he joined in with gone one gone you know a socially progressive eccentric setter and can give him credit for that but to ask him to honestly discuss what happened what advice to get across to the transition in russia and what happened because of the transition and wanted to move to equilibrium or coyotes ok so jeffrey sachs in russia with the salt theory resulted in deaths people died because of his yeah that hearing. orthodoxies in economics which have been proven to be a shambolic now on wall street there's the occupy wall street protest because

a lot of the bankers on wall street who are creating these financially engineered products that are based on equally faulty economic assumptions are also. causing death and disease all over the world in the united states and around the world what should be the punishment for economics and wall street traders and bankers who end up visa v. their policies killing people one of my favorite cartoons is the wily. turn and at one stage there's a cartoon with a bunch of people being dragged down you know obviously in a hill leading down towards the ultimate punishment and there's the devils standing over a lecture theatre saying the eternal economic seminar and one person and one by one because about oh god it's worse than i thought i think they should listen to their own stuff interminably in the sensory depravation shined up that might get them to pay back for the for the nonsense they've unleashed the crazy thing is

a lot of the wall street tried as knew there was scamming there's plenty of fraud is here now in the finance sector the academic economists who push this stuff and actually generally speaking believe it and actually think they're doing good and i have a little analogy that i've included in the second edition of the book from one of my old school teachers a brilliant philosophy as it turned out he had free discussions in what was supposed to be religion classes and we were discussing a particular politician back in about eighteen years old sentencing is old and one of the other students in the class said today that it's god but at least he is sincere on the holocaust because maybe he's sincere and the teacher who normally shot off and didn't so i would pop up and said don't overwrite sincerity the most dangerous people in the meeting your life is the is the maniacs and sealy shaking it down the right with the next trying to talk to head off in the belief it'll be good for you well that's kind of prevention of what nicole columnists have done they naive that he has caused this crisis yeah and this is been played out recently

with the mainstream media in america covering the the wall street occupation and other campaigns going on that while the bankers are sincere in their attempts to do something and this is. it's often a huge mismatch and even crypto conservatives like jon stewart can't seem to wrap their mind around the fact that they're dealing with quite an opposing force of destruction well let's move back to europe for a second your thoughts on the european financial stability fund even the proposed revised expanded and leveraged version. how's this going to save europe steve game is going to say goodbye bearing in late may yet most debt i mean you do need a government to stimulating the economy when you've got a downturn in the private sector but this whole thing is trying to solve the debt process by assuring more debt that this is going to be paid back and go to come back to michael hutchence question in this whole point gets that condi replied want me replied what we need is not do more and more debt rescheduling and and leverage ing of current levels of rescue and yet more debt the embattled country has to pry

we need to abolish that estate that should never be an issue in the first vice and it's the finance sector that should weigh the pie and not the ordinary person and grace all the rest of europe well yeah i mean look the the debt that was created by these economists and bankers falling corrupt theories and their own larcenous stick ends are creating the austerity measures that are causing poverty disease famine and death so they're killing people literally there's an there's an axiomatic relationship more debt equals more death you know we need something like that because we still defies where we're denying that there is a a long term process people still think i'm going to come out of this thing you know and it just because of this this pipe it will get us ivers like all bets i will it's moved back to the next boom that's the same i just read ahead of nine thirty one employees who when the great depression of hope in the long time realize hill this is serious with stock and the turning point in the political approach to the process and the one in thirty's which got us out of it right to question to some

extent the unfortunate a second world war i to my to roll there was a commission i now as the commission where an absolutely rabid prosecutor went for the head of j.p. . morgan and by simply go at him and completely cripple the political power of the bankers at that stage and set the scene for the for the new deal and is filled speech about i think what he's trying to bankers out of the palace we need a political shift like that in many ways i think is occupy wall street movement which i now see is replicated in my own country with occupy. sitting occupy melbourne and a few other striking up around the world that public movement may be what's needed to shift the politicians and stop them being in the pockets of the bankers and put the bank has behind bars instead because if it's all a few of them end up there the same behave is going to continue yeah i'm on a mailing list with dylan ratigan and matt he. and others build black and they're all debating what the demands should be and even if they

should make any demands but steve keen would you say that a simple demanded be we need a new pick or a commission yes absolutely we need somebody with balls running and i'll do it like as my obvious nomination day bill did a brilliant job with the sightings and loans commission he put hundreds of people behind bars who belonged there for alternate behavior in the siding two months process that was a drop in the water compared to what happened since then with the dotcom bubble and subprime but now it is going to live right now there's absolutely bucket loads of fraud in the system and you need somebody with the bulls dislike them on and put people behind bars of it is and start breaking down the political power that wall street still has yet bill black needs to get medieval and jamie diamond. all right let's spend the next minute or start talking about australia you famously have been calling for the australian real estate market top out and started to climb of all your work steve came this is the one prediction that has lagged the others but it seems as though you're being vindicated to bring us up to date you know we do right

i made a call about house prices falling forty percent over ten to fifteen years in and out of the oldest of two thousand and seven and in a total of two thousand. and seven the government brought in what i prefer to call the first time vendors boost where rather than giving the first time seven thousand to strike and all those as a tip as a deposit towards the first time i gave them fourteen thousand and twenty one thousand i bought a new place and states like victoria weapon after an extra fifteen thousand dollars in the case of victoria depending on where you bought you can get a thirty five thousand dollars check from the government simply for saying you're going to go and buy a house now that restock the bubble which it started to burst at the time so i want i made by coal house process would fall in about five percent on an annual buys us from that point once the first time that is. about one hundred billion dollars more borrowed money was injected into the market and how about now the right ten percent across the country now that it takes

a while for the dimension to turn around and it's finally started turning around and of course the success of the first time been disbursed was by dragging people who were going to buy in two thousand and ten and two thousand and eleven into two thousand and eight and two thousand and nine so it actually keeps itself on its on at the end of it there are just simply i mean he was out there anymore is starting to get the flow of new demand being listed in the new supply the process it's too high to start people in any way so that overhang which is the pearl you into a fall and housing market is well and truly established now and we're seeing crosses turning down in every market except apparently sydney which is still slightly positive on an annualized basis but certainly perth and grisman ironically the two capitals of the two major mining sites have seen quite so a substantial fold and process already and them into well into really growing right steve kane that's all the time we have thanks for being on the kaiser report you're welcome and i think again all right that's going to do it for this edition of the kaiser report with me max geyser and stacey herbert i want to thank my guests deve

team picked up his new book the pond economics the new expanded version if you want to send me an email please do so at kaiser reported r.t. t.v. dot ru so next time this is backscatter saying.